Pingora Partners LLC Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Pingora Partners purchased 134,747 shares of Patterson-UTI Energy during the second quarter, valued at approximately $1.24 million. Institutional investors collectively own 97.91% of the company.
• Analyst sentiment is generally positive: Patterson-UTI has an average “Moderate Buy” rating and a consensus price target of $12.95, with Goldman Sachs, Barclays, and RBC recently raising their targets.
• The company declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 3.4% yield. However, insiders sold roughly 420,670 shares worth $4.88 million over the past three months.

Pingora Partners LLC purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 134,747 shares of the oil and gas company's stock, valued at approximately $1,237,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE purchased a new stake in shares of Patterson-UTI Energy during the second quarter worth approximately $52,132,000. Freestone Grove Partners LP acquired a new stake in Patterson-UTI Energy in the second quarter valued at approximately $14,761,000. Caisse de depot et placement du Quebec purchased a new position in Patterson-UTI Energy in the second quarter worth approximately $347,000. Gallagher Fiduciary Advisors LLC purchased a new position in Patterson-UTI Energy in the second quarter worth approximately $346,000. Finally, Man Group plc acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $9,777,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Barclays boosted their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Royal Bank Of Canada raised their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. raised Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price target for the company in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $12.95.

Patterson-UTI Energy Price Performance

PTEN stock opened at $11.75 on Thursday. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $4.48 billion, a P/E ratio of -51.09 and a beta of 0.63. The business has a 50 day simple moving average of $10.21 and a 200-day simple moving average of $10.42. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.4%. Patterson-UTI Energy's dividend payout ratio is currently -173.91%.

Insiders Place Their Bets

In other news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the sale, the chief executive officer directly owned 2,542,474 shares of the company's stock, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 207,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 420,670 shares of company stock valued at $4,880,957. Insiders own 2.20% of the company's stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company's core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source